Restoration Hardware News: RH Stock Surges 8% on Buffett Stake

Berkshire Hathaway has a 6.50% stake in RH stock

Restoration Hardware (NYSE:RH) news for Friday about a stake in the company from Warren Buffett has RH stock on the move.

Source: Andriy Blokhin / Shutterstock.com

Buffett’s Berkshire Hathaway (NYSE:BRK.A,BRK.B) reported on Thursday that it now owns 1.21 million shares of RH stock. This has it sitting as the fourth-largest investor in the home-furnishings company. The total value of its investment is $206.30 million.

The Restoration Hardware news comes from a filing with the U.S. Securities and Exchange Commission. This filing reveals Berkshire Hathaway’s stake in the company at the end of the third quarter of 2019. It also includes details about its other investing activity during the quarter, reports CNBC.

Warren Buffett’s large stake in Restoration Hardware could be a good sign for the future of the company. Many investors keep track of what Buffett is up to when planning their own investments. His 6.50% stake in the company may convince others to hop on board as well, Financial Times notes.

So what other new Berkshire Hathaway investments were made outside of Restoration Hardware? The investment firm also picked up stakes in Globe Life (NYSE:GL) and Occidental Petroleum (NYSE:OXY) during the quarter. It picked up 6,353,727 shares of GL stock and 7,467,508 shares of OXY stock.

RH stock was up 7.59% as of Friday afternoon. The stock is also up 48.92% since the start of the year. It’s also worth mentioning that GL stock is down slightly and OXY stock is up close to 3%.

As of this writing, William White did not hold a position in any of the aforementioned securities.